Blackstone Inc. · NYSE:BX
Blackstone — Blackstone Loan Financing — Q4 2020 Earnings Presentation
72 slides from Blackstone's earnings presentation, Dec 31, 2020
Slide 1: Blackstone Loan Financing Limited
HIGHLY CONFIDENTIAL & TRADE SECRET Blackstone Loan Financing Limited AS OF 31 DECEMBER 2020
Slide 2: Table of Contents
TABLE OF CONTENTS HIGHLY CONFIDENTIAL & TRADE SECRET I. BGLF Overview 2 II. BCF Overview 6 III. 2020 Highlights 9 IV. Fourth Quarter 2020 Results 12 V. Portfolio Activity and Outlook 19 VI. Performance 31 VII. Market Overview 37 VIII. BCF Sensitivity Analysis 45 IX. Additional Information 54 X. Key
Slide 3: I. BGLF Overview
HIGHLY CONFIDENTIAL & TRADE SECRET I. BGLF Overview Blackstone | 2
Slide 4: Focus on senior secured corporate loans providing income and stable NAV
BLACKSTONE LOAN FINANCING LIMITED (“BGLF”) HIGHLY CONFIDENTIAL & TRADE SECRET Focus on senior secured corporate loans with a goal of providing compelling income and stable NAV Strategy Overview BGLF € NAV Total Returns Components(1) 15.0% 10.5% 10.2% Leveraged exposure to European and US floating
Slide 5: Investment Opportunity Overview
INVESTMENT OPPORTUNITY OVERVIEW HIGHLY CONFIDENTIAL & TRADE SECRET Provides access to a market-leading loan and CLO management platform, including CLO warehouse investment opportunities(1) Blackstone Credit’s CLO Cost effective levered exposure to senior secured loans through term financing on b
Slide 6: Ways to Invest
WAYS TO INVEST HIGHLY CONFIDENTIAL & TRADE SECRET Public Shares Private Units Ticker / Share Class BGLF LN BGLP LN Class A Class C Fund Name Blackstone Loan Financing Ltd. Blackstone Corporate Funding EUR Fund Description Ordinary Shares QIAIF Units Fund Jurisdiction Jersey Ireland Total NAV(1) €402
Slide 7: II. BCF Overview
HIGHLY CONFIDENTIAL & TRADE SECRET II. BCF Overview Blackstone | 6
Slide 8: BCF: 4Q '20 Summary Performance
BCF: 4Q ‘2O SUMMARY PERFORMANCE HIGHLY CONFIDENTIAL & TRADE SECRET 12.04% 11.48% €36M €1,076M 4Q ROI ann.(1) LTM ROI(2) 4Q ’20 BCF change in BCF net assets net assets 1.92% 7.3x €402M €670M NIM(3) debt-to-equity(4) BGLF net assets BCF EUR net assets Net Assets as of 31 December 2020. (1) 4Q BCF Retu
Slide 9: Blackstone Corporate Funding (BCF) Structure
BLACKSTONE CORPORATE FUNDING (“BCF”) STRUCTURE HIGHLY CONFIDENTIAL & TRADE SECRET Public Shareholders Private Unitholders 477 million shares: €822 million committed capital 91% third parties (434 million) €0 million undrawn capital 9% Blackstone (43 million) BGLF was awarded Best closed-end
Slide 10: III. 2020 Highlights
HIGHLY CONFIDENTIAL & TRADE SECRET III. 2020 Highlights Blackstone | 9
Slide 11: 2020 Highlights
2020 HIGHLIGHTS HIGHLY CONFIDENTIAL & TRADE SECRET Resilient distributions CLO securitisations in BCF continue to generate positive cashflow in BCF. The weighted average annualised cash on cash distribution rates for European and US CLO income notes was 15.6% and 17.1%, respectively, with strong c
Slide 12: Additional Notes
ADDITIONAL NOTES HIGHLY CONFIDENTIAL & TRADE SECRET PLEASE REFER TO SLIDE 10 (1) Blackstone Credit, Intex. As at 7 January 2021. (2) Based on the last four quarterly distributions and the share price as at 31 December 2019 and 31 December 2020. Please see the BGLF announcement on 22 January 2021 for
Slide 13: IV. Fourth Quarter 2020 Results
HIGHLY CONFIDENTIAL & TRADE SECRET IV. Fourth Quarter 2020 Results Blackstone | 12
Slide 14: Fourth Quarter 2020 Results
FOURTH QUARTER 2020 RESULTS HIGHLY CONFIDENTIAL & TRADE SECRET BGLF Distribution yield of 10.45%, as of 31 December 2020. The Board has adopted a revised Dividend BGLF Earnings Policy targeting a total annual dividend of between €0.07 and €0.08 for 2021(1) & Distributions BGLF’s net distributabl
Slide 15: BGLF Earnings & Distributions
BGLF EARNINGS & DISTRIBUTIONS HIGHLY CONFIDENTIAL & TRADE SECRET BGLF Distribution yield of 10.45%, as of 31 December 2020(1) BGLF’s net distributable earnings exceeded its declared dividends by 55% over the last 12 months, with any retained net earnings being available for share repurchases, re
Slide 16: BCF Investment Activity
BCF INVESTMENT ACTIVITY HIGHLY CONFIDENTIAL & TRADE SECRET Focused on risk mitigation and ratings migration in order to maintain the overall quality of the portfolio(1) In the fourth quarter, €1.6 billion of assets purchased and €0.7bn of assets sold, including underlying CLO and warehouse portf
Slide 17: BCF Portfolio Composition
BCF PORTFOLIO COMPOSITION HIGHLY CONFIDENTIAL & TRADE SECRET Diversified portfolio of 682 issuers invested across multiple sectors, geographies, and vintages Portfolio of primarily senior secured and floating rate assets Country Allocations Moody’s Rating Distribution Others >Ba2 5.9% 15.1% 5.9%
Slide 18: BCF Capitalisation
BCF CAPITALISATION HIGHLY CONFIDENTIAL & TRADE SECRET All capital has been called and invested Debt-to-equity ratio of 7.3x through financing structures(1) Balance Sheet(1) (€ in millions) Assets Liabilities Directly Held Assets €141 Credit Facility (Directly Held Assets) €56 Indirect Assets 12,
Slide 19: BCF Investment Activity: Financing Cost and NIM
BCF INVESTMENT ACTIVITY HIGHLY CONFIDENTIAL & TRADE SECRET Average WAC on US CLOs and US CLO warehouses declined due to falling Libor Remaining CLO reinvestment period average of 1.9 years provide an opportunity to continue optimising the portfolio and to improve weighted average spread (“WAS”)
Slide 20: V. Portfolio Activity and Outlook
HIGHLY CONFIDENTIAL & TRADE SECRET V. Portfolio Activity and Outlook Blackstone | 19
Slide 21: Fourth Quarter 2020 Portfolio Activity and Outlook
FOURTH QUARTER 2020 PORTFOLIO ACTIVITY AND OUTLOOK HIGHLY CONFIDENTIAL & TRADE SECRET Portfolio trading activity during 4Q ’20 continued to focus on risk mitigation and rotation, with an emphasis on ratings migration and maintaining our up-in-quality bias Higher quality loans in both US and Europe
Slide 22: Fourth Quarter 2020 Portfolio Activity and Outlook (Cont'd)
FOURTH QUARTER 2020 PORTFOLIO ACTIVITY AND OUTLOOK (CONT’D) HIGHLY CONFIDENTIAL & TRADE SECRET Arbitrage for CLOs issued in 2020 was supported by both a price and spread arbitrage, where discounted loans were able to be financed via CLO liabilities, ableit at the higher end of historic liability cos
Slide 23: Securitisations Detail: 4Q '20 Activity Details
SECURITISATIONS DETAIL: 4Q ’20 ACTIVITY DETAILS HIGHLY CONFIDENTIAL & TRADE SECRET Priced Marino Park on 4 December, which had the tightest post-COVID-19 weighted average cost of capital at the time of issuance(1). New CLO Securitisations(2) (€/$ in millions) Expected % Invested Investing Closing
Slide 24: Subsequent Events – BCF Portfolio Activity
SUBSEQUENT EVENTS – BCF PORTFOLIO ACTIVITY HIGHLY CONFIDENTIAL & TRADE SECRET Vertical Risk Retention BCF is considering a vertical retention investment which would equate to at least 5% of the principal amount of each tranche of the CLO in order to satisfy European Risk Retention requirements T
Slide 25: Summary of Investment Portfolio: BCF Portfolio
SUMMARY OF INVESTMENT PORTFOLIO: BCF PORTFOLIO HIGHLY CONFIDENTIAL & TRADE SECRET Portfolio positioning to US CLOs was reduced in the final quarter compared to 3Q ’20 as BCF reduced CLO excess positions at favourable levels Remaining reinvestment periods decreased slightly since last quarter due
Slide 26: Summary of Investment Portfolio
SUMMARY OF INVESTMENT PORTFOLIO HIGHLY CONFIDENTIAL & TRADE SECRET BCF Look-through Portfolio 1Q '20 2Q '20 3Q '20 4Q '20 QoQ Trend # Issuers / Facilities 685 / 907 674 / 902 677 / 937 682 / 952 Total Gross Par Exposure (€M) 20,181 20,458 20,544 20,064 WA Spread 3.49% 3.46% 3.47% 3.46% WA Base Rate
Slide 27: BCF Look Through Portfolio Details
BCF LOOK THROUGH PORTFOLIO DETAILS HIGHLY CONFIDENTIAL & TRADE SECRET Portfolio Total Par Moody’s Moody’s WA Coupon WA # Par Outstanding Corporate Facility WA WA (All-In Maturity Facilities (€M) (€M) Moody’s Industry Country Rating Rating Price Spread Rate) (Years) Banking, Finance, Insurance and Re
Slide 28: Euro CLO Securitisations Detail
EURO CLO SECURITISATIONS DETAIL HIGHLY CONFIDENTIAL & TRADE SECRET Defaulted asset balances are currently low within the portfolio Refi / Highest of Defaulted Reset Remaining BCF Position V aluation Ann. Cum. Interest Caa / CCC / Assets % Closing Date RI Period Deal Size Position BCF Cost as % of
Slide 29: US CLO Securitisations Detail
US CLO SECURITISATIONS DETAIL HIGHLY CONFIDENTIAL & TRADE SECRET Defaulted asset balances are currently low within the portfolio Refi / Highest of Reset Remaining BCF Position Valuation Cum. Interest Caa / CCC / Defaulted Closing Date RI Period Deal Size Position BCF Cost as % of as % of Ann. Cash
Slide 30: BCF Historical Default and Recovery
BCF HISTORICAL DEFAULT AND RECOVERY HIGHLY CONFIDENTIAL & TRADE SECRET 4Q ’20 Default Loss Rate Since Inception Default Loss Rate 1.6% 1.6% 1.4% 1.4% 1.2% 1.2% 1.0% 1.0% 0.93% 0.8% 0.8% 0.61% 0.6% 0.6% 0.45% 0.4% 0.4% 0.2% 0.11% 0.2% 0.07% 0.00% 0.0% 0.0% BCF EUR Loans US Loans BCF EUR Loans US Loan
Slide 31: CLO Securitisation Performance by Vintage
CLO SECURITISATION PERFORMANCE BY VINTAGE HIGHLY CONFIDENTIAL & TRADE SECRET CLO securitisations continue to generate positive cashflow. The 4Q ’20 distribution recovered towards the long-term average as falling LIBOR fed through to lower interest accruals on CLO liabilities, reducing the effect of
Slide 32: VI. Performance
HIGHLY CONFIDENTIAL & TRADE SECRET VI. Performance Blackstone | 31
Slide 33: 4Q '20 Return Analysis
4Q ’20 RETURN ANALYSIS HIGHLY CONFIDENTIAL & TRADE SECRET BGLF’s total net (NAV) return for 4Q ’20 was 6.24% Contributors to Total Return Directly EUR CLO USD CLO USD CLO BCF Cash BCF BGLF Held Loans Income Notes Income Notes Warehouses & Expenses Source: Blackstone Credit. Represents BCF and BGLF c
Slide 34: 2020 Return Analysis
2020 RETURN ANALYSIS HIGHLY CONFIDENTIAL & TRADE SECRET BGLF’s 2020 total net (NAV) return was -0.22% Contributors to Total Return Directly EUR CLO USD CLO USD CLO BCF Cash BCF BGLF Held Loans Income Notes Income Notes Warehouses & Expenses 10% 7.97% 8% 6% 6.64% 4% 1.09% 0.21% 0.21% 2% 1.34% -0.68%
Slide 35: BGLF Total Returns Since Inception
BGLF TOTAL RETURNS SINCE INCEPTION HIGHLY CONFIDENTIAL & TRADE SECRET 50.21% NAV and 24.41% share price cumulative total return since inception Versus 22.50% and 27.47% for European loans and US loans, respectively Annualised Net Total Return 20% 16.4% 15% 10% 6.2% 6.8% 6.9% 6.5% 5.2% 5% 3.5% 3.6% 4
Slide 36: BGLF Monthly € NAV Total Return Performance
BGLF MONTHLY € NAV TOTAL RETURN PERFORMANCE HIGHLY CONFIDENTIAL & TRADE SECRET Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2020 BGLF € NAV 0.61% -1.10% -13.84% 3.91% -0.77% 5.51% 1.54% 0.81% -1.63% 1.60% 3.58% 0.96% -0.22% European Loans 0.51% -1.03% -13.57% 6.66% 3.28% 1.57% 0.82% 1.20% 0.7
Slide 37: BGLF Monthly € NAV Total Return Performance
BGLF MONTHLY € NAV TOTAL RETURN PERFORMANCE HIGHLY CONFIDENTIAL & TRADE SECRET 31/12/2015 – 31/12/2016 – 21/12/2017 – 31/12/2018 – 31/12/2019 – 31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020 Discrete Performance BGLF € NAV 13.28% 1.38% 6.70% 14.46% -0.22% European Loans 6.52% 3.30% 0.55% 5.0
Slide 38: VII. Market Overview
HIGHLY CONFIDENTIAL & TRADE SECRET VII. Market Overview Blackstone | 37
Slide 39: Market Overview
MARKET OVERVIEW HIGHLY CONFIDENTIAL & TRADE SECRET The rollout of vaccination programmes, announcement of a COVID-19 stimulus bill in the US and a Brexit agreement in the UK all helped close off a strong quarter for leveraged loans, with CCC-rated assets outperforming higher quality cohorts. Corpora
Slide 40: Market Overview
MARKET OVERVIEW HIGHLY CONFIDENTIAL & TRADE SECRET Flows into leveraged loans remained challenged in 2020, however we are expecting increased demand for the asset class going forward, both from retail and institutional investors(1) We expect an increase in demand in the US from retail investors se
Slide 41: Global Credit Spreads and Prices Began to Recover in 3Q 2020
GLOBAL CREDIT SPREADS AND PRICES BEGAN TO RECOVER IN 3Q 2020 HIGHLY CONFIDENTIAL & TRADE SECRET Spread to Maturity Yield to Maturity (L+ / E+) 1,000 11% 800 9% 600 7% E+465 4.70% 400 5% L+416 4.26% 200 3% Sep-17 May-18 Jan-19 Sep-19 May-20 Dec-20 Sep-17 May-18 Jan-19 Sep-19 May-20 Dec-20 S&P Euro LL
Slide 42: Global Loan Return by Quality
GLOBAL LOAN RETURN BY QUALITY HIGHLY CONFIDENTIAL & TRADE SECRET CCC-rated loans have outperformed, particularly in Europe US Loan Returns by Quality European Loan Returns by Quality Source: Credit Suisse Leveraged Loan Index, Credit Suisse Western European Leveraged Loan Index (Hedged to Euro), as
Slide 43: Global Loan Defaults
GLOBAL LOAN DEFAULTS HIGHLY CONFIDENTIAL & TRADE SECRET COVID-19-related restrictions and the oil-price war have led to elevated defaults in US loans, particularly in the energy and retail sectors Trailing 12-month Issuer Default Rate 9.3% 7.7% 6.8% 4.6% 4.7% 4.1% 3.3% 3.4% 3.1% 1.9% 1.8% 1.7% 1.5%
Slide 44: Global CLO Issuance
GLOBAL CLO ISSUANCE HIGHLY CONFIDENTIAL & TRADE SECRET Global CLO issuance advanced the prior quarter by 37% Quarterly issuance totalled $41.8 billion in 4Q ’20 versus $30.6 billion in 3Q ’20 CLO New Issuance ($ in billions) $161 $152 $143 $142 32 19 33 24 $118 $114 15 25 $92 $91 10 19 124 129 $54 1
Slide 45: Global CLO Arbitrage
GLOBAL CLO ARBITRAGE HIGHLY CONFIDENTIAL & TRADE SECRET The average quarterly arb continued to improve in 4Q ’20 as new issue CLO tranche spreads tightened US WA Spread and Cost of Capital European WA Spread and Cost of Capital (bp) (bp) 450 450 400 400 350 350 300 300 250 250 200 200 150 150 100 10
Slide 46: VIII. BCF Sensitivity Analysis
HIGHLY CONFIDENTIAL & TRADE SECRET VIII.BCF Sensitivity Analysis Blackstone | 45
Slide 47: Changes to Assumptions Since Year End
CHANGES TO ASSUMPTIONS SINCE YEAR END HIGHLY CONFIDENTIAL & TRADE SECRET Similar to last quarter, Blackstone and Refinitiv held several discussions on assumptions before Refinitiv decided on a framework to apply to the portfolio Mark to model assumptions for 4Q 2020 valuations refined to reflect
Slide 48: Scenario Assumptions
SCENARIO ASSUMPTIONS HIGHLY CONFIDENTIAL & TRADE SECRET Current (31-Dec-20) Global Financial Crisis ("GFC") Stress - Market GFC Stress - Blackstone Credit Assumption EUR US EUR US EUR US Default and recovery assumptions aim to track CS Default and recovery assumptions aim to track BXC LCS (Western E
Slide 49: Projected Equity Distributions
PROJECTED EQUITY DISTRIBUTIONS HIGHLY CONFIDENTIAL & TRADE SECRET Projected Equity Distributions (€ millions) 80 70 60 50 40 30 20 10 0 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Current (31-Dec-20) GFC Stress (Market) GFC Stress (Blackstone Credit) Source: Blackstone Credit, Intex.
Slide 50: Projected Interest Diversion Cushions
PROJECTED INTEREST DIVERSION CUSHIONS HIGHLY CONFIDENTIAL & TRADE SECRET Average Interest Diversion Cushions (%) 5.0 4.0 3.0 2.0 1.0 0.0 -1.0 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Current (31-Dec-20) GFC Stress (Market) GFC Stress (Blackstone Credit) Interest Diversion Failure
Slide 51: US and European Default and CCC Projections
US AND EUROPEAN DEFAULT AND CCC PROJECTIONS HIGHLY CONFIDENTIAL & TRADE SECRET US Projected CCCs European Projected CCCs (%) (%) 14.0 14.0 12.0 12.0 10.0 10.0 8.0 8.0 6.0 6.0 4.0 4.0 2.0 2.0 0.0 0.0 Current (31-Dec-20) GFC Stress (Market) GFC Stress (Blackstone Credit) Current (31-Dec-20) GFC Stress
Slide 52: Assumptions for Current Scenario in Sensitivity Analysis
ASSUMPTIONS FOR “CURRENT” SCENARIO IN SENSITIVITY ANALYSIS HIGHLY CONFIDENTIAL & TRADE SECRET Model Assumptions: The CLO Equity positions are dependent on various assumptions influencing the net returns, which are projected in Intex Blackstone Credit’s liquid credit analysts updated their near-t
Slide 53: Case Study: 2007 USD CLO – Inwood Park CLO
Sample – For Illustrative Purposes Only. Not a BCF Investment CASE STUDY: 2007 USD CLO – INWOOD PARK CLO HIGHLY CONFIDENTIAL & TRADE SECRET CLO Income Notes Have Been Resilient Even Through the Great Financial Crisis As They Continued to Make Distributions Without Significant Loss to the Par of Unde
Slide 54: Case Study: 2007 EUR CLO – Harbourmaster CLO 7
Sample – For Illustrative Purposes Only. Not a BCF Investment CASE STUDY: 2007 EUR CLO – HARBOURMASTER CLO 7 HIGHLY CONFIDENTIAL & TRADE SECRET CLO Income Notes Have Been Resilient Even Through the Great Financial Crisis As They Continued to Make Distributions Without Significant Loss to the Par of
Slide 55: IX. Additional Information
HIGHLY CONFIDENTIAL & TRADE SECRET IX. Additional Information Blackstone | 54
Slide 56: What Is a CLO?
WHAT IS A CLO? HIGHLY CONFIDENTIAL & TRADE SECRET CLOs are securitisations backed by a diversified pool of Senior Secured Loans Payments A CLO is a special purpose company that issues debt and equity and uses the proceeds to invest in a diversified portfolio of senior secured loans Liabilities I
Slide 57: How Do Loan Downgrades Affect CLOs?
HOW DO LOAN DOWNGRADES AFFECT CLO S ? HIGHLY CONFIDENTIAL & TRADE SECRET CLO Coverage Tests Notable Haircuts to OC and ID Tests Overcollateralisation Test (“OC Test”) CCC exposure > 7.5% (market value; example below) A ratio of asset par (with Haircuts) divided by Defaulted/deferring assets (l
Slide 58: ESG Service Providers
ESG SERVICE PROVIDERS HIGHLY CONFIDENTIAL & TRADE SECRET We are working with select service providers to enhance ESG risk management and due diligence procedures ERM A leading global provider of environmental, health, An environmental, social and corporate governance safety, sustainability and r
Slide 59: X. Key Risk Factors
HIGHLY CONFIDENTIAL & TRADE SECRET X. Key Risk Factors Blackstone | 58
Slide 60: Key Risk Factors
KEY RISK FACTORS HIGHLY CONFIDENTIAL & TRADE SECRET In considering any investment performance information contained in the materials, prospective and current investors should bear in mind that past or projected performance is not necessarily indicative of future results and there can be no assurance
Slide 61: Key Risk Factors
KEY RISK FACTORS HIGHLY CONFIDENTIAL & TRADE SECRET No Assurance of Investment Return. Prospective investors should be aware that an investment in the Company is speculative and involves a high degree of risk. There can be no assurance that the Company will achieve comparable results, implement its
Slide 62: XI. Important Disclosure Information
HIGHLY CONFIDENTIAL & TRADE SECRET XI. Important Disclosure Information Blackstone | 61
Slide 63: Important Disclosure Information
IMPORTANT DISCLOSURE INFORMATION HIGHLY CONFIDENTIAL & TRADE SECRET BGLF has engaged Blackstone Ireland Fund Management Limited to produce this report and BGLF (including its directors) has not been involved in the production of the report or verified the accuracy of its contents and therefore accep
Slide 64: Important Disclosure Information
IMPORTANT DISCLOSURE INFORMATION HIGHLY CONFIDENTIAL & TRADE SECRET Information contained herein which relates to the net asset value performance of the Fund may not be indicative of how the Fund's investments may perform in the future. Moreover the values of such investments may fluctuate considera
Slide 65: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) HIGHLY CONFIDENTIAL & TRADE SECRET Any targets, forecasts, estimates, or similar returns set forth herein are based on Blackstone Credit’s belief about the returns that may be achievable on investments that the Fund intends to pursue. Targets, forecasts, and
Slide 66: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) HIGHLY CONFIDENTIAL & TRADE SECRET Prospective investors should be aware that an investment in the Fund involves a high degree of risk. There may be occasions when the management company of the Fund, the principals, Blackstone Credit, Blackstone and their af
Slide 67: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) HIGHLY CONFIDENTIAL & TRADE SECRET Blackstone Ireland Limited and Blackstone Ireland Fund Management Limited are authorised and regulated by the Central Bank of Ireland. Blackstone Ireland Limited, Blackstone Ireland Fund Management Limited, the funds they m
Slide 68: Important Disclosure Information (Cont'd) – Australia
IMPORTANT DISCLOSURE INFORMATION (CONT’D) HIGHLY CONFIDENTIAL & TRADE SECRET AUSTRALIA The provision of this document to any person does not constitute an offer of securities or financial products of any kind to that person or an invitation to that person to apply for securities or financial product
Slide 69: Important Disclosure Information (Cont'd) – Canada
IMPORTANT DISCLOSURE INFORMATION (CONT’D) HIGHLY CONFIDENTIAL & TRADE SECRET CANADA These materials and the information contained herein are not, and under no circumstances are to be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of securities in Canada or
Slide 70: Important Disclosure Information (Cont'd) – European Economic Area
IMPORTANT DISCLOSURE INFORMATION (CONT’D) HIGHLY CONFIDENTIAL & TRADE SECRET SPECIAL NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA In relation to each member state of the EEA (each a “Member State”) which has implemented the Alternative Investment Fund Managers Directive (Directive (
Slide 71: Important Disclosure Information (Cont'd) – Japan
IMPORTANT DISCLOSURE INFORMATION (CONT’D) HIGHLY CONFIDENTIAL & TRADE SECRET JAPAN THE SHARES OF THE COMPANY MAY NOT BE OFFERED FOR A PUBLIC OFFERING IN JAPAN UNLESS A SECURITIES REGISTRATION STATEMENT PURSUANT TO ARTICLE 4, PARAGRAPH 1 OF THE FINANCIAL INSTRUMENTS AND EXCHANGE ACT OF JAPAN (INCLUDI
Slide 72: Important Disclosure Information (Cont'd) – People's Republic of China
IMPORTANT DISCLOSURE INFORMATION (CONT’D) HIGHLY CONFIDENTIAL & TRADE SECRET PEOPLE’S REPUBLIC OF CHINA This document and the related documents do not and are not intended to constitute a sale, an offer to sell or a solicitation of an offer to buy, directly or indirectly, any securities in the Peopl
Blackstone Loan Financing — Q4 2020 Earnings Presentation on 6ix